October 13, 2009 / 9:09 AM / 10 years ago

FACTBOX: AIG sells unit for $2.2 bill to new fund, small company

HONG KONG (Reuters) - AIG (AIG.N) said on Tuesday it had agreed to sell it’s Taiwan life insurance company, Nan Shan Life, for $2.15 billion to Primus Financial and China Strategic Holdings.

Below is a factbox with information on the two buyers.


* China Strategic Holdings Ltd (0235.HK) is an investment holding firm, publicly traded in Hong Kong, which also makes and trades battery products. * Fan Guo Ping is the largest single shareholder and owns 6.27 percent of the company while Chen Guang Lin has 0.19 percent. About 93.5 percent of the company is owned by public shareholders.

* The company said in August it would issue $1 billion in convertible bonds for the purchase of Nan Shan. After the bond places, buyers will own 95.5 percent of the company. Fan’s interest will be diluted to 0.4 percent and the existing public shareholders will have only 2.7 percent.


* Robert Morse, a former top executive of Citigroup (C.N) in Asia, and two former colleagues announced the launch of a new financial services firm in April.

* The 23-year Citi veteran is chairman and CEO of the new firm, Primus Financial Holdings.

* Former HSBC (0005.HK) Asia investment banking head Huan Guocang, who was hired by Morse and later became a top China dealmaker for Citigroup, is co-chairman of Primus Financial.

* Wing-Fai Ng, a former managing director at Taiwan’s Fubon Financial (2881.TW), is co-CEO.

* Morse told Reuters in April that Primus Financial plans to raise more capital beyond the $1 billion it brought in from a single investor. He also said the financial services firm plans to open an office in New York to build out a fixed income group.

* The firm’s focus includes most of Asia with the exception of Australia and insurance investing as well.

Compiled by Alison Leung and Michael Flaherty; Edited by Valerie Lee

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